Award of Seismic Reprocessing Contract

RNS Number : 8157Q

Echo Energy PLC

15 September 2017

 

15 September 2017

Echo Energy plc

("Echo" or the "Company")

Award of Seismic Reprocessing Contract

Echo Energy, the South and Central American focused upstream gas company, is pleased to announce the award of a seismic reprocessing contract for the 3D seismic data over the Huayco and Rio Salado blocks, onshore Bolivia.

Following a competitive tender process between eight companies, the contract for reprocessing the existing 3D seismic across the Huayco and Rio Salado blocks has been awarded to DMT Petrologic who have extensive experience in the reprocessing of vintage data in similar thrust belt areas. The initial reprocessed tranche is anticipated by the end of November 2017 with the full scope of the work anticipated to be completed during Q1 2018.

The acquisition of an interest by Echo in Huayco and/or Rio Salado remains contingent on final commercial terms being agreed and accordingly the Company does not have an interest or the right to acquire any interest at this stage during the non-exclusive evaluation period. 

The Company will also shortly be inviting investors to register their interest in an investor trip to the region in early 2018.

Fiona MacAulay, Chief Executive Officer, commented:

"I am very pleased to be able to announce the award of the contract for the seismic reprocessing which is a critical step in determining the future work programme across the Huayco and Rio Salado blocks. The level of interest and competitive bidding for the work with Echo was very encouraging and we look forward to working with DMT Petrologic over the next few months."

For further information please contact:

Echo Energy plc Fiona MacAulay, CEO Will Holland, CFO Sarah Dees  Investor Relations	[e-mail] [e-mail]   [e-mail]
Smith & Williamson  (Nominated Adviser) Azhic Basirov David Jones Ben Jeynes	[phone]
Hannam & Partners (Advisory) LLP (Financial Adviser and Corporate Broker) Giles Fitzpatrick Andrew Chubb Ernest Bell	[phone]
Vigo Communications (PR Adviser) Patrick d'Ancona Chris McMahon Ali Roper	[phone]

 

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